Community banks are at a pivotal point in adapting to the changing dynamics of payment rails. The introduction of instant payments and the upcoming ISO 20022 migration for Fedwire are transforming how transactions are processed and how financial institutions compete.
In an ICBA-hosted webinar featuring Alacriti’s Neeraj Gupta, SVP of Product Management, industry experts provided insights into these critical developments. Gupta discussed the lessons learned from the increased number of instant payments go-lives and the necessary preparations for community banks to adapt to upcoming changes in wire transfers and payment automation by 2025. Gupta also explored the adoption and operationalization of instant payments, the implications of ISO 20022 for wire transfers, and strategies for reducing costs and improving efficiency with a centralized payments hub
